In a startling move that reverberated through the cryptocurrency industry, Binance, the world’s largest crypto exchange, has recently laid off more than 1,000 employees, according to sources cited by the Wall Street Journal.
This decision has resulted in approximately one-third of the company’s workforce facing termination. Notably, a significant number of executives had already departed from Binance in the past week, including Chief Strategy Officer Patrick Hillmann.
These developments come in the wake of fraud allegations filed by US regulators against Binance and its CEO, Changpeng Zhao. Binance has affirmed its commitment to defending itself against these accusations.
Binance’s layoffs predominantly impacted several departments:
It has been reported that this week, Binance terminated numerous employees, primarily from the customer service division, in a global workforce reduction.
The report highlights the inclusion of approximately three dozen customer-service employees from India in the retrenchment. As of now, Binance has not provided an official response regarding these layoffs.
The US regulators’ allegations stated that Zhao and Binance deliberately evaded regulations to enable affluent American investors and customers to continue trading on the unregulated international exchange.
Other Recent Layoffs in the Tech Industry:
The trend of workforce reduction is not limited to Binance. In recent months, companies such as Amazon, Google, Twitter, and Meta have implemented phased layoffs.
Joining the list, Microsoft recently announced the layoff of 276 employees, predominantly from customer service, support, and sales teams. This action follows a similar move made by the company in January.
